Credit Suisse AG allocates $200 million credit package to FLC Group

FLC Group is the latest partner of Credit Suisse in Vietnam, along with VPBank, Vietcombank, and FE Credit. Leaders of FLC Group and Credit Suisse AG On July 6, Credit Suisse AG’s Singapore branch allocated a senior secured term loan facility worth up to $200 million (VND4.6 trillion), to FLC Group under a credit agreement signed by the two parties. According to FLC Group, this facility, with a term of 2.5-3 years, is secured by shares in some of its subsidiaries and will be used to supplement its working capital. The disbursed fund will be allocated to implement and expand its projects and new business activities. With this facility, FLC Group proves to be highly rated both in prestige and development prospects by Credit Suisse AG as well as other international financial institutions. In recent months, FLC Group has seen positive results in real estate sales, with 2,000 new products sold in the most recent two months in four projects in Quy Nhon (Binh Dinh), Sam Son (Thanh Hoa), Halong (Quang Ninh), and Quang Binh. This is also the peak season in resort services offered by FLC Group. Apart from having developed an effective sales system supported by a network of thousands of brokerage staff from large real estate distribution agents throughout Vietnam, FLC Group has also made big steps with the establishment of Bamboo Airways. The airline’s establishment is part of FLC Group’s long–term strategy, which not only aims to satisfy the increasing market demand in the aviation market… [Read full story]